PNM Resources Inc (Holding Co) Stock Forecast
Green day on Tuesday for PNM Resources Inc (Holding Co) stock after gaining 0.497%
(Updated on May 07, 2024)
The PNM Resources Inc (Holding Co) stock price gained 0.497% on the last trading day (Tuesday, 7th May 2024), rising from $38.23 to $38.42. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.44% from a day low at $37.95 to a day high of $38.50. The price has risen in 7 of the last 10 days and is up by 5.87% over the past 2 weeks. Volume fell on the last day by -114 thousand shares and in total, 920 thousand shares were bought and sold for approximately $35.36 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $37.70 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $39.59 sometime during the next 3 months.
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PNM Signals & Forecast
The PNM Resources Inc (Holding Co) stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $37.66 and $36.99. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 7.05%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for PNM Resources Inc (Holding Co) stock
PNM Resources Inc (Holding Co) finds support from accumulated volume at $37.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.545 between high and low, or 1.44%. For the last week the stock has had daily average volatility of 1.61%.
The PNM Resources Inc (Holding Co) stock is extremely overbought on RSI14 (82). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $36.88 (-4.01%) (This stock has low daily movements and this gives low risk. The RSI14 is 82 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (PNM) For The Upcoming Trading Day Of Wednesday 8th
For the upcoming trading day on Wednesday, 8th we expect PNM Resources Inc (Holding Co) to open at $38.29, and during the day (based on 14 day Average True Range), to move between $37.69 and $39.15, which gives a possible trading interval of +/-$0.730 (+/-1.90%) up or down from last closing price. If PNM Resources Inc (Holding Co) takes out the full calculated possible swing range there will be an estimated 3.80% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $37.60, some $0.82 (2.13%) from the current price of $38.42, our system finds the risk reward attractive.
Is PNM Resources Inc (Holding Co) stock A Buy?
PNM Resources Inc (Holding Co) holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for PNM Resources Inc (Holding Co) of Wednesday, May 8, 2024
| Fair opening price May 8, 2024 | Current price |
|---|---|
| $38.29 ( 0.343%) | $38.42 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PNM
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 38.83 | 1.08 % | |
| R2 | 38.63 | 0.534 % | ||
| R1 | 38.50 | 0.199 % | ||
| Current price: | 38.42 | |||
| Support | S1 | 38.08 | -0.88 % | |
| S2 | 37.95 | -1.22 % | ||
| S3 | 37.74 | -1.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 38.42 | |||
| Support | S1 | 37.60 | -2.13% | |
| S2 | 36.80 | -4.22% | ||
| S3 | 36.51 | -4.97% |
PNM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 01, 2024 | Apr 25, 2024 | May 10, 2024 | $0.388 | 1.01% |
| 2 | Dec 05, 2023 | Feb 01, 2024 | Feb 16, 2024 | $0.388 | 1.03% |
| 3 | Sep 19, 2023 | Oct 26, 2023 | Nov 10, 2023 | $0.368 | 0.87% |
| 4 | Aug 01, 2023 | Aug 10, 2023 | Aug 25, 2023 | $0.368 | 0.84% |
| 5 | Feb 28, 2023 | Apr 27, 2023 | May 12, 2023 | $0.368 | 0.771% |
FAQ
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